Lucid Motors, the prominent electric vehicle (EV) manufacturer, has recently announced that it remains on course to meet its production target of over 10,000 vehicles for the year 2023. The company has marked significant achievements in the second quarter of this year, demonstrating its commitment to the EV market’s growth.
In its Q2 2023 financial report, Lucid Motors disclosed an impressive revenue of $150.9 million, accompanied by the delivery of 1,404 vehicles. The company’s CEO and CTO, Peter Rawlinson, highlighted the accomplishment of several major milestones during this period, notably the establishment of a long-term strategic partnership with the renowned luxury automaker Aston Martin.
This strategic collaboration involves Lucid’s provision of its advanced EV powertrain technology to Aston Martin, signaling the growing influence of electric mobility in the luxury automotive segment.
The unveiling of Lucid’s anticipated all-electric Gravity SUV is scheduled for November of this year, with an official launch set for 2024. The event will be broadcast via livestream, ensuring broad accessibility to stakeholders and EV enthusiasts.
Sherry House, the Chief Financial Officer of Lucid Motors, expressed satisfaction in the company’s financial activities during Q2 2023. The capital raised amounted to a substantial $3.0 billion, including a notable contribution of $1.8 billion from Saudi Arabia’s Public Investment Fund (PIF). The current liquidity position of Lucid stands at $6.25 billion, a robust figure that is anticipated to cover expenses up to the commencement of Lucid Gravity’s production and into the year 2025.
Among other noteworthy developments, Lucid Motors revealed its plans to inaugurate a second manufacturing facility in Saudi Arabia in September. This milestone marks a significant expansion, with the upcoming facility being the company’s first establishment outside the United States.
